Inflation reared its ugly head this week as year-over-year consumer and producer prices jumped notably.
The Consumer Price Index rose 5.4% in July, matching the prior month’s gain as the fastest since August 2008, while prices at the producer level jumped 7.8%, the most on record, according to the U.S. Bureau of Labor Statistics.
FOX Business digs into the numbers to see what consumers are paying up for.
PRODUCER PRICES RISE THE MOST ON RECORD IN JULY
Gasoline Prices +41.8%
The index for gasoline rose by 2.4% in July after rising by 2.5% in June.
The index for natural gas also showed an increase of 2.2% following a 1.7% increase in both May and June.
Used Car & Truck Prices +41.7%
The index for used cars and trucks showed an increase of 0.2% in July following an increase of at least 7.3% in April, May and June.
CAR PART PRICES ARE HEADING HIGHER
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Prices of Major Appliances+12.3%
The index for major appliances rose by 0.9% in July following an increase of 2.7% in June.
INFLATION HITS HOME APPLIANCE INDUSTRY, CONSUMERS PAY UP
Car & Truck Rental Costs +73.5%
The index for car and truck rental costs declined by 4.6% in July following an increase of 5.2% in June.
Airline Fares +19%
The index for airline fares declined by 0.1% in July after showing a sharp increase in recent months.
Hotel & Motel Costs +24.1% in July From a Year Ago
The index for hotels and motels rose by 6.8% in July after showing an increase of 7.9% in June.